EAMs have grown in Asia over recent years, often created by breakaway teams of bankers seeking more independence.

Following a review, HSBC is shutting its independent asset management (aka external asset management) business in Hong Kong and Singapore.

"We will make this change as smooth as possible for the affected clients. We remain committed to a holistic approach, providing best-in-class wealth management capabilities and solutions to our single-family office and multi-family office clients that cater to their current and future needs," the bank said in a statement emailed to this news service.

The independent asset management desks were set up as recently as 2020 in Singapore and 2022 in Hong Kong. 

Most of the family offices are directly served by the private bank.

EAMs have grown in Asia over recent years, often created by breakaway teams of bankers seeking more independence, and who think that the region’s rising cohort of wealthy individuals want a different model from the traditional banking one. (This news service has tracked developments, as in this 2016 report produced in conjunction with UBS.)